- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
House Committee on Natural ResourcesIntroducedMarch 19th, 2009
- house Committees
Bill DetailsOfficial information provided by the Congressional Research Service. Learn more or make a suggestion.
The Congressional Research Service writes summaries for most legislation. These summaries are listed here. Countable will update some legislation with a revised summary, title or other key elements.
Indian Development Finance Corporation Act
To provide for and promote the economic development of Indian tribes by furnishing the necessary capital, financial services, and technical assistance to Indian-owned business enterprises, to stimulate the development of the private sector of Indian tribal economies, and for other purposes.
Indian Development Finance Corporation Act - Establishes the Indian Development Finance Corporation to provide development capital for new and existing Indian businesses and to strengthen tribal economies. Authorizes the Corporation to make loans to or purchase, insure, or discount obligations of Indian businesses if they meet specified financial conditions. Directs the Corporation to provide the credit needed by Indian businesses at the lowest reasonable cost. Authorizes the Corporation to guarantee all or any part of the principal and interest of any loan made to an Indian business by a state or federally chartered lending institution, provided the loan was made on terms permissible for Corporation loans. Authorizes the Corporation to purchase all or any part of the ownership interest in an Indian business and to supervise or participate in the management of such business. Establishes the Advisory Council to the Indian Development Finance Corporation to provide advice on the policies and operations of the Corporation. Authorizes the Corporation to issue stock. Allows shares of stock in the Corporation to be issued to and held by Indian Tribes and the United States only. Authorizes the Corporation to issue a limited amount of bonds and notes. Authorizes appropriations for general operating expenses and for the purchase of Corporation stock by the Secretary.